Lessons from celebrity-estate planning cases for advisors.
Celebrity Estates: Ric Ocasek Disinherits Paulina PorizkovaCelebrity Estates: Ric Ocasek Disinherits Paulina Porizkova
What legal remedies and protections exist for disinherited spouses like Ocasek's wife, supermodel Paulina Porizkova?
In this episode, David Lenok, senior editor at WealthManagement.com, speaks with returning guest Megan Gorman of Chequers Financial Management about Ric Ocasek and his third wife, Paulina Porizkova.
Ocasek was an American musician who was most well known as the co-lead vocalist, rhythm guitarist and songwriter for the rock band The Cars. Paulina Porizkova is a Czech-born model, actress and author.
Ric Ocasek was married three times, had two sons with each wife and was in the process of divorcing Paulina Porizkova, whom he excluded from his will only three weeks before his death. He had stated in his will that he made no provisions for Paulina and that she isn’t entitled to any elective share.
Now, David and Megan unpack what legal remedies and protections exist for disinherited spouses. They also discuss what advisors need to know about spousal rights and questions to ask any client who wants to disinherit their spouse.
Paulina Porizkova and Ric Ocasek
In this episode, you will learn:
Whether there any legal protections for disinherited spouses;
Why Ric Ocasek’s attorney used the legal term “abandon” in his will;
Where the term “spousal share” comes from;
What to do if you suspect that your client is making a rash decision to disinherit a family member;
How family lawyers and estate attorneys can work together to assist their clients;
Why advisors should be proactive when working with divorcing clients;
And more!
Tune in to learn what actions to take with clients who wish to exclude a spouse from their will.
Resources: WealthManagement.com | Chequers Financial Management
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